Opération blanche

The concept underlying the opération-blanche method is that once an investor commits a fixed amount of money to a stock portfolio, it will grow on its own - i.e. without the need for additional funds. New shares are purchased with dividend payments or through the sale of subscription rights. For example, in the case of a capital increase, the investor sells enough subscription rights to enable him to acquire the new shares without having to contribute more of his own funds. Consequently, the number of shares in the portfolio increases, although the amount invested did not change.